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Tech

Bumpy ride to China's self-driving car in U.S.

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Tech

Bumpy ride to China's self-driving car in U.S.

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COMING UP:Bumpy ride to China's self-driving car in U.S.

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Transcript

00:00:02
>> If you're planning a flashy party unveiling a self driving car, you generally want to make sure the car actually makes it to the event. And Chinese tech firm LeEco fell short of that on Wednesday. Chairman Ting telling the crowd, the car he meant to show was in accident on the road from LA, so he flew in another prototype from London, but the plane was delayed.
00:00:25
The replacement did eventually make it to the show at San Francisco's Palace of Fine Arts, late, but not fashionably so. LeEco is one of China's biggest tech companies, known as the Netflix of China. And it's Chairman, an investor in several new electric car companies in the US. The Beijing based company has a second headquarters in San Jose with plans to hire 12,000 employees.
00:00:50
Reuters correspondent Alexandria Sage.>> There are more than half a dozen Chinese companies working in electric vehicles and autonomous vehicles, but we don't know quite yet what their business model is. That said, they're been hiring. They've been luring talent from companies like Tesla and Apple, and they've been spending a lot of money building their businesses and their headquarters.
00:01:15
Here in San Francisco and in Silicon Valley.>> It's not just self-driving cars. Chinese tech companies are gearing up to enter the US market as their home market becomes overcrowded with competitors. Lenovo, the Chinese company that bought IBM's ThinkPad, brought it's Lenovo Tech World to San Francisco this summer and Xiaomi, known as the Apple of China Recently launched its video streaming box here, as well.
00:01:40
LeEco's bumpy event was mostly about its new smart phones and smart TVs, as well as its video streaming services it's launching in North America. But it's been the electric and self-driving car efforts that have raised eyebrows. For now tho the Chinese Tech Titans will be running to catch up their US competition